Campaign news

Corbyn is right, action on high pay is overdue

10th January 2017

Corbyn is right,
action on high pay is overdue

By Michael Calderbank

For decades now, politicians have criticised the culture of lavish executive pay and bonuses. But there has been precious little action. John Major used to ask Chief Executives to “exercise restraint”. Tony Blair and Gordon Brown would ask shareholders to “show some responsibility”. But their moralistic pleading fell on deaf ears. Britain’s bosses wanted to get their snouts in the trough, even though many of their employees were pushed into poverty.

The High Pay Centre’s most recent report (2016) showed the pay of leading FTSE 100 company Chief Executives have just rocketed by a further 10%, meaning that in total - including pensions and bonuses – they earn 129 times more than their typical employees.

Finally, in Jeremy Corbyn, we have a politician who means to do something about it. Rather than show their panic, the rich have resorted to mockery, as though it was inherently absurd to tackle their greed. But Corbyn’s words will be welcomed by millions across the country who are sick of being taken for a ride.

Like all policies, this will need to examine carefully to see exactly how it can be implemented in practice. There are a number of options, including caps, maximum pay ratios, tax incentives, or public procurement conditions. It’s also true that the very rich are accustomed to pay for lawyers, accountants and advisers to devise avoidance schemes and find loopholes.

But let no-one be in any doubt. It’s time to make the rich pay, and Jeremy Corbyn is determined to do it. He deserves our full support.

Background

By Ian Hodson
It’s great news that a mainstream political party has recognised the importance of taking positive action to raise pay. Since 2008, politicians from all parties along with many in the media, have pushed the narrative that society will somehow improve by imposing austerity and blaming minority groups for the state of the country’s finances. Sadly, many have fallen for this deception and the ‘look over there’ politics that has rose to prominence since the Conservatives returned to power in 2010.
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No Witch-Hunts In The GMB, Reinstate Keith Henderson (The Online Petition)
Keith Henderson Essex LRC member and former Regional Organiser of the GMB Union was dismissed from the GMB last December, Keith has always believed that the real reason for his dismissal was because of his socialist beliefs and the manifestation of his beliefs.
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The LRC is supporting a broad alliance of campaign groups and trade unions against the proposals in the Welfare Reform Bill (currently before Parliament) and putting forward our alternative based on social justice and welfare for all.
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Across the country working people are losing their jobs and their homes. Meanwhile the bankers who plunged us into this crisis have been bailed out with billions of pounds of our money. It’s time to fight back. Their Crisis Not Ours! is the LRC’s campaign to bring together workers, pensioners, the unemployed, students, those facing repossession and all those suffering because of an economic crisis that has been imposed on us. The campaign is supporting the demands of the People’s Charter.
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Rail bosses are using the recession as an excuse to attack jobs and conditions and cut back on services and essential rail works, and hike rail fares - as LEAP research suggested they would. Thousands of jobs are being threatened or have been lost. At the same time rail fat cats are raking in big profits and bonuses on the back of the most expensive fares in Europe. Make no mistake: as the recession worsens so will the attack on rail workers and rail services.
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The campaign calling on the Government to abandon its plans for privatisation of Royal Mail. The Government has introduced the Postal Services Bill to part-privatise the Royal Mail. With our affiliate union CWU we are fighting to Keep the Post Public!
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The campaign to demand the Government funds improvements to all existing council housing, and to start building first class council homes to address housing need. For more information see Defend Council Housing website.
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